Nigeria’s Autochek Raises USD 13.1 Mn Seed Funding Round

Autochek, the automotive technology company facilitating auto financing across Africa, has today secured USD 13.1 Mn in seed funding. Co-led by follow-on investors, TLcom Capital and 4DX Ventures, the round also included participation from existing investors, Golden Palm Investments, Enza Capital, Lateral Capital, and new participants, ASK Capital and Mobility 54 Investment SAS (the venture capital arm of Toyota Tsusho Corporation / CFAO Group). 

Autochek combines technology, underpinned by data analytics to deepen auto finance penetration across the continent. Powered by its residual value algorithm, the startup has built in-house digital solutions such as Collateral Management, Dealer Management Systems, and a proprietary CRM system for managing stakeholder operations within the ecosystem such as vehicle financing, inspection, valuation, and inventory management.

The capital will be used to support its core auto loan processing platform and deepen its footprint in West Africa, starting with its recent entry into Cote d’Ivoire. Additionally, the company is rapidly expanding its footprint across East Africa, following its recent acquisition of Cheki Kenya and Cheki Uganda.